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New DPM: Rough times ahead, don’t panic

Patrick Faber

Posted: Wednesday, June 8, 2016. 5:21 p.m. CST

Patrick Faber

Patrick Faber

By Aaron Humes: A bracing Patrick Faber admits “tight times” are ahead, following the conclusion of an International Monetary Fund (IMF) report released recently.

But the new Deputy Prime Minister adds that Government “(is) absolutely not going to bow to the IMF pressures.”

Faber blames “a large part” of the trouble on principal payments soon due for the Super Bond, re-negotiated shortly after the UDP’s second victory in 2012. He admits, however, that people, especially in the Opposition, don’t much like hearing that.

Nonetheless, the Government presses on and will take on “some” of the IMF’s suggestions but will not enter a “standby arrangement” if the IMF requires it.

Prime Minister and Minister of Finance Right Honorable Dean Barrow has prescribed “homegrown” solutions to Belize’s financial difficulties.

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